Sun, Nov 18, 2007
Booming Demand Spurs Order Now
Recognizing a possible backorder on
aircraft--Vietnam plans to buy a dozen Boeing 787s to meet growing
demand for air travel in the booming Southeast Asian country, the
Associated Press said Friday. Vietnam Airlines will purchase four
of the planes and a new joint venture called Vietnam Aircraft
Leasing Co. will purchase eight, company officials announced. They
expect to sign the deals soon.
State Owned Vietnam Airlines and Chicago-based Boeing Co.
declined to disclose the price of their deal. The new JV airline
VALC said it would pay $1.42 billion for its eight planes.
Airlines wishing to improve their safety image in Southeast Asia
are lining up to buy new planes, said Pham Ngoc Minh, vice
president of Vietnam Airlines and chairman of VALC. "If we don't
make a quick and bold move now, the delivery of the planes would
have to be pushed back further," Minh said.
VALC consists of five large state-owned Vietnamese companies,
including Vietnam Airlines which is the biggest stakeholder with 23
percent. VALC indicated it will lease its 787s to Vietnam Airlines
upon delivery in 2014. Vietnam Airlines had already previously
ordered four 787s in 2005.
Two years ago Vietnam Airlines said it planned to have 80 planes
by 2015 and 110 by 2020. Vietnam Airlines now has only 46 aircraft
in its fleet. The rapid pace of economic growth in Vietnam is also
credited for the decision, said Minh. A surge in the regions
economy may instigate more aircraft orders, he added.
In September, Vietnam Airlines signed a memorandum of
understanding with Airbus to buy 10 A350-900 plus 20 smaller A321s.
Vietnam a new member of the World Trade Organization, has been
implementing free-market reforms, and its economy is now among the
fastest growing in the world, increasing by more than 8 percent
last year. Foreign investments and tourism have spurred its growth,
according to the Associated Press.
Vietnam's air transport market has grown an average of 15
percent per year in recent years said Vietnam Airlines spokesman
Trinh Ngoc Thanh.
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